On August 10th, Guolian Minsheng Securities issued a notice regarding the free transfer of related assets and capital reduction with its wholly-owned subsidiary Minsheng Securities. The notice clearly stated that "the company intends to transfer assets related to wealth management business to Minsheng Securities free of charge, and Minsheng Securities will be positioned as a subsidiary mainly engaged in wealth management related business". This means that the landmark merger and acquisition case of Guolian Minsheng Securities, which has attracted market attention, has officially entered the final stage.

The top-level architecture has been finalized, and the layout of "one headquarters+multiple specialized subsidiaries" has been fully implemented

According to sources close to Guolian Minsheng, after the integration is completed, Guolian Minsheng Securities will form a group structure of "one headquarters and multiple professional subsidiaries": the parent company will focus on self operated related businesses such as fixed income, stocks, and derivative investments, while wealth management, asset management, and investment banking businesses will be undertaken by professional subsidiaries such as Minsheng Securities, Guolian Asset Management, and Guolian Minsheng Underwriting and Sponsorship. Minsheng Securities has thus transformed into a subsidiary engaged in wealth management related businesses, with clearer business boundaries and more favorable mechanism arrangements for the specialized operation of wealth business.

The core indicators of wealth have doubled

For Minsheng Securities, this is a leap in business level. Based on publicly available data by 2025, after completing the integration of the parent company's related business, the number of brokerage clients of Minsheng Securities will increase from 1.48 million to approximately 3.55 million, the number of branch offices will increase from 74 to 170, and the sales scale of financial products will increase from 17.7 billion yuan to over 120 billion yuan, an increase of nearly seven times. The balance of margin trading and securities lending increased from 7.7 billion yuan to approximately 23.8 billion yuan. Minsheng Securities will also obtain the qualification for fund investment advisory business - Guolian Minsheng's non asset holding scale currently ranks second among securities companies. According to the retrospective calculation of annual report data from two entities, the integrated wealth business sector has operating profits of approximately 1.134 billion yuan, 1.075 billion yuan, 1.176 billion yuan, and 1.626 billion yuan from 2022 to 2025, respectively. The stable output during the flat market period and the upward trend followed the market recovery period.

Dismantling the logic of Minsheng Securities' capital reduction, clarifying the strength of the base of billions of assets and billions of capital

Regarding the capital reduction arrangement that the market is concerned about, according to insiders close to the company, its essence is a matching adjustment of capital with business transfer: while Minsheng Securities undertakes the wealth business related assets of the parent company, it also sets aside self operated business related assets. According to insiders, after the integration is completed, the total assets of Minsheng Securities are expected to increase to the level of billions, with both net assets and net capital of about billions of yuan.

The corresponding operational strength of this capital volume is not weak. Taking listed securities firms with a capital of billions as an example, public financial data shows that Shouchuang Securities will achieve a net profit of 1.056 billion yuan and an average return on capital of 7.82% in 2025, while Caida Securities will achieve a net profit of 747 million yuan. Both companies' profits have been increasing year by year in the past three years. After completing the adjustment, Minsheng Securities still maintains a stable position in the "billion level net capital securities firm" sequence, and its operating strength is roughly equivalent to the midstream level of listed securities firms.

Multi dimensional empowerment and protection from the parent company, ensuring the stable operation of Minsheng Securities throughout the entire chain

According to the company announcement, Guolian Minsheng Securities has arranged a package of support measures around the steady start of Minsheng Securities, including providing shareholder loans, issuing net capital guarantees, and will promote the capital increase of the initial allocation funds in conjunction with the progress of integration. The reporter noticed that according to the relevant regulations of the China Securities Regulatory Commission's risk control indicators, the net capital guarantee commitment issued by the parent company to the securities subsidiary must be deducted proportionally from the core net capital of the parent company, which is a substantive arrangement subject to continuous regulatory constraints. Guolian Minsheng Securities also stated in its previous announcement that it will continue to incorporate Minsheng Securities into its comprehensive risk management system to ensure its stable operation.

Integrate the entire process and implement a closed-loop approach, forming a billion dollar wealth platform to release industry value

From the end of July when Guolian Minsheng won 0.02% equity of Minsheng Securities and achieved full control to the launch of business migration, Guolian Minsheng's integration of Minsheng Securities has completed the key path of "legal merger - equity collection - business segmentation". For the market, a multi billion dollar wealth management subsidiary with more focused business, more stable profits, and more explicit support from the parent company is becoming the ultimate output of this industry level integration.